EPC Blog: There is Only Plan A: Get Ready for SEPA in the Next Twelve Months in the Euro Area! Latest Data Shows Good Progress in the Corporate Sector Now Preparing for the 1.2.2014 Deadline.

As reported on many previous occasions: the European Union (
) 'Regulation (
) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro', which is commonly referenced as the Single Euro Payments Area (
) Regulation, effectively mandates migration to
Credit Transfer (
) and
Direct Debit (
) by 1 February 2014 in the euro area. Since the
lawmaker adopted the
Regulation in February 2012, the focus has been on alerting payment service users, in particular those handling major payment volumes, on the need to achieve compliance with this legislative act. In this blog (see 'related links' below), Etienne Goosse, the Secretary General of the European Payments Council, highlights latest available survey data on the state of corporate
preparedness.

This data indicates significant progress has been achieved to create awareness among corporates on the legal obligation to comply with the core provisions of the
Regulation by 1 February 2014 in the euro area. Efforts must however continue to engage late movers in the process and educate on how to adapt systems and operations in line with the
Regulation..

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